Home Sales in Iowa City are up again in October. 64 homes sold in October compared to 60 in October 2015. The Iowa City real estate market is still very active this fall with home sales up 7% for the year. This is a good increase in home sales for the year, especially considering Buyers are lacking in choices in a real estate market short on inventory.
Homes Sold in Iowa City
October 31, 2016 Compared to October 2015
The table above shows that single family homes were the most popular choice with buyers in October. It’s worth noting that the MLS is dynamic and these numbers are preliminary. There will probably be a small uptick of the numbers for October 2016 in the coming days when more agents update their sold listings for this month on the MLS.
Contract to Listing Ratio
Iowa City October 31, 2016
The contract to listing ratio is a good way of looking at the market in “real time” and to gauge closings scheduled for the coming weeks and months. 29% of homes currently listed on the Iowa City MLS are contingent or sale pending. That’s a good number for the fall months. That said, the inventory of homes on the market is very low, which skews the contract to listing ratio. There are currently just 245 homes showing as active on the Iowa City MLS. That compares to 300+ this time last year.
Number of Homes Sold / Days on Market
Iowa City October 31, 2016
The chart above shows that the data for days on market is mixed. 23% of homes sold in under 30 days, which goes to show that hot listings are selling fast in the fall market. That said, 39% of homes took longer than 90 days to sell. There are just not as many buyers out and about in the fall months as in the spring market and some homes will take longer to sell.
What’s the takeaway for buyers and sellers in Iowa City from this market snapshot? The real estate market remains active in Iowa City this fall. 15 of the homes sold this month sold in under 30 days, which underlines the fact that the best homes go fast in a market that is still low on inventory. Buyers need to be on top of their game not to miss out. (This is especially true in the lower price ranges). Often times buyers wait till they find a home before contacting a Realtor. They don’t realize that hiring a (good) Buyer’s Agent may help them into their new place quicker. In fact in a real estate market short on inventory a (good) agent is a real asset when it comes to making sure buyers don’t miss out on any “hot” listings when they hit the market.
When you’re ready to work with an agent completely committed to making sure you get exactly what you want out of your buying or selling experience, Call Denise at 319-400-0268. You really can’t put a price on piece of mind!
Data provided via the Iowa City MLS October 31, 2016